Barclays launches “largest ever” loan cashback scheme with British Business Bank

Through this scheme, £450m has been made available to enable more SME term lending.

Barclays has launched a new cashback scheme for term loans for SME borrowers in the UK, supported by a £450m guarantee from the British Business Bank.

The move, which is part of the British Business Bank’s 'ENABLE Guarantee' programme aims to help banks to increase their lending to smaller businesses by reducing the amount of capital required to be held against such lending. 

Businesses with up to 250 employees and a turnover of up to £43m are eligible to apply. 

Tasnim Ghiawadwala, Head of UK Corporate Banking, Barclays said: “Today’s funding announcement from Barclays further demonstrates our commitment to businesses across the UK who represent the core of our economy.  As one of the initiatives from Barclays’ £14bn lending fund in support of SMEs, we’re offering practical and attractive ways for firms to access the capital they need to help them grow and prosper and at the same time, we have been able to further strengthen our partnership with the British Business Bank.” 

Keith Morgan, CEO, British Business Bank, said: “Term loans are an essential part of the finance landscape for smaller UK businesses, enabling them to make larger longer-term purchases of business assets such as computers, plant and machinery, and vehicles. We are pleased to be working with Barclays to help businesses access the finance they need to grow and thrive.”